For many Americans, the jump into the new year marks an important step forward toward achieving a New Year’s resolution, and saving for a down payment to buy a home may be among them.

Saving for a Down Payment:

3% Down Payments May be Game Changer

More Options for Low Down-Payment Loans

You Don’t Need That Much of a Down Payment

Wedding Gift Idea: Down Payment Registry

70% Unaware of Down-Payment Assistance

But that goal can take some time, and lots of savings commitment. Thirty-seven percent of recent home buyers say it took them six months or less to save for a down payment to buy a home; 15 percent saved for six to 12 months; and 10 percent say they saved for 12 to 18 months for a down payment, according to the 2014 Profile of Home Buyers and Sellers survey, published by the National Association of REALTORS®.

Saving for home ownership often requires some sacrifices too, recent buyers reported. Seventy-two percent of home buyers say they cut spending on luxury or non-essential items in order to save for a down payment, 56 percent reduced their spending on entertainment, and 45 percent trimmed their clothing budget in order to save more.

Home Ownership in the New Year: 10 Reasons 2015 Will Rock for Real Estate

But there is hope: Many buyers often find out they may not need as much down payment as they originally thought to purchase a home. For first-time home buyers, the median down payment is 6 percent, and 13 percent for repeat buyers.

“There’s still misperception out there that a much higher down payment is needed, while that’s not the reality,” said Lawrence Yun, NAR’s chief economist, in a recent statement based on pending-home sales contracts inching up.

What’s more, for Americans who are able to save for a down payment to purchase a home, they often find meeting this New Year’s resolution has a big payoff in the end.

“Seventy-nine percent of recent buyers believe their home is a good financial investment, and many believe it is a better financial investment then stocks,” Yun notes about NAR’s survey findings at a recent blog post at NAR’s Economists’ Outlook blog. “Aside from the financial investment, buyers were able to successfully complete their goal which was just to own a home of their own.”